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Monday June 25, 2007 - 22:07:04 GMT
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Forex Market News - Canadian dlr ends lower in quiet session, bonds up

Canadian dlr ends lower in quiet session, bonds up
Mon Jun 25, 2007 5:00 PM ET

TORONTO, June 25 (Reuters) - The Canadian dollar finished little changed versus the U.S. currency on Monday in a listless session as traders crowded the sidelines ahead of a U.S. rate decision later in the week.

Bond prices, with no Canadian economic data to consider until later in the week, followed U.S. treasuries to a comfortably higher close.

The Canadian dollar closed at C$1.0706 to the U.S. dollar, or 93.41 U.S. cents, down from C$1.0696, or 93.49 U.S. cents, at Friday's session close.

With no economic data to sway the Canadian currency and a U.S. Federal Reserve interest rate decision due on Thursday, the dollar spent the session in a range of C$1.0687 to C$1.0729.

The flat performance follows a surge in the Canadian dollar to a 30-year high earlier this month, but it has retreated slightly in recent weeks due to weak domestic data.

"The (Canadian dollar) has moved so far so fast that I think people are just taking a breather and figuring out what's next," said Dustin Reid, senior currency strategist at ABN-Amro in Chicago. "It's more likely the Canadian dollar is going to trade off the U.S. releases than the Canadian releases this week."

Even higher oil prices, which boost the appeal of Canada's resource sector, were unable to give the Canadian dollar a push higher. U.S. crude edged higher to $69.18 a barrel on concerns of a supply shortfall.

Canadian April economic growth data are due out on Friday, but the market impact will likely be limited as investors focus instead on inflation signals.

U.S. economic data due this week and more likely to affect trade include reports on consumer confidence, durable goods, and first-quarter economic growth, which are all due ahead of Thursday's Fed decision.

"Given that we are in summer markets, I think the market might be waiting for the Fed Thursday afternoon to see if they continue their slight hawkish bias," Reid said.

The Fed is expected to leave its key rate unchanged at 5.25 percent on Thursday, while the Bank of Canada is expected to boost its overnight rate to 4.50 percent next month.


Canadian bond prices took their cue from the bigger U.S. treasuries market to post a rare gain given concerns over the U.S. subprime mortgage sector and more evidence of a weak U.S. housing market.

U.S. data showed May existing home sales fell 0.3 percent in May, confirming continued weakness in the housing sector.

"Bonds got a good head of steam after the weak U.S. home sales report," said Sal Guatieri, senior economist at BMO Capital Markets.

"And we're looking for a pretty soft new home sales report for the U.S. (on Tuesday), at least softer than the market anticipates, so we could see the bond rally extend."

The two-year bond rose 3 Canadian cents to C$98.36 to yield 4.648 percent, while the 10-year bond rose 23 Canadian cents to C$95.51 to yield 4.620 percent.

The yield spread between the two-year and 10-year bond moved to -2.8 basis points from -1.1 at the previous close.

The 30-year bond gained 55 Canadian cents to C$118.20 to yield 4.547 percent. In the United States, the 30-year treasury yielded 5.206 percent.

The three-month when-issued T-bill yielded 4.39 percent, unchanged from the previous close.

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